Ask anyone in the hospitality business and they will tell you, it’s not an easy job to make it work. But as with everything in life, what you put in, you get out. There are also different stakes involved in the different types of businesses; do you want to have the most successful Tim Hortons in Canada, or are you looking to take it easy running a quaint guesthouse on Vancouver Island? You’re likely somewhere in between. The good news is that we want foreign entrepreneurs to come along and start a business in Canada, forge their own place and make a home in one of our friendly societies.
The benefits are huge on both sides; permanent residency is on offer and all the benefits that come along with it like free healthcare, education for your children and a better quality of life. We get an enterprising new countryman who will add to the economy and create jobs for Canadians.
Requirements to Open a Hospitality Business in Canada
If you already have experience owning or managing a business in the hospitality industry, then you will be looking to immigrate to Canada via one of the Provincial Nomination Programs. 11 of Canada’s 13 provinces had PNP’s and within each of them is an immigration stream dedicated to entrepreneurs. The requirements vary slightly from province to province, such as the minimum investment, but the following is a general outline of what you can expect:
- Submit an Expression of Interest to the provincial government you are interested in opening or buying a business in.
- If successful, you will be invited to submit your business plan. You will likely have to conduct an exploratory visit to the town or city you will be conducting your business in. The requirements are usually as follows:
- Minimum investment of $200,000 – $300,000 CAD;
- Have a minimum of 3 years experience in business management or entrepreneurship in the past 10 years;
- Have a net worth of at least $400,000 – $600,000;
- If you are purchasing part of an existing business, your ownership must be at least one third (33.3%) of the business
- You must be involved in the day to day running of the business, you cannot be a passive investor;
- You must create or retain a job for at least one (in some provinces, two) Canadian citizen or resident
- Apply for a temporary work permit. Most provinces will require you to hold a temporary work permit until you are awarded your permanent resident status.
What is Canada’s outlook for the future of the hospitality industry?
Good. Very good. The Canadian government handled the global covid-19 pandemic very effectively, and will likely be one of the first countries to welcome tourists safely back to the country. Americans love to visit Canada, as do many other nationalities. Thanks to the extensive variety of outdoor summer and winter activities, both locals and international visitors travel and spend handsomely in Canada’s hospitality industry every year. Canada also has a very strong consumer economy. Canadians love to eat out, take weekend getaways and just enjoy their leisure time outside of their homes.
As long as you do your market research, have a good eye for business and a warm and welcoming personality, there is no reason to not make a success and have a bright, happy future here in the Great White North.